propnewstime.com-Kochi's office space expands 28 percent in three years, driven by IT and retail growth
Kochi's commercial real estate market is witnessing remarkable growth, particularly in the office and retail sectors. A joint report by CBRE South Asia Pvt. Ltd and CREDAI Kerala highlights that the city's office space has seen a substantial increase of approximately 28% over the last three years, reaching a total of 17 million square feet by the end of 2024. This growth trend is complemented by the retail sector, which has expanded at a compound annual growth rate (CAGR) of about 9% since 2020, bringing the total retail space to 3.4 million square feet.
The technology sector is the leading player in office leasing, accounting for 44% of the total leased space in 2024. Following closely are research, consulting, and analytics firms, which represent about 25% of the leasing activity. Other sectors, including space operators and banking, finance, and insurance (BFSI), also contribute to the market, but to a lesser extent. Notably, domestic companies are the primary drivers of this leasing activity, making up 57% of the total transactions, with American firms following at 29%.
